How Credit Reporting Collects HOA Dues

HOA and POA Testimonials

  "I thought credit reporting would never work with POA dues. Boy was I ever wrong!"

· Comptroller, Michigan POA

  “We have a Homeowner that owed close to $2,400.00 for two associations. The association received payment in full yesterday. Without a company like yours, we probably would never have been able to collect this as easily as we did. To anyone having issues regarding HOA collections, I strongly urge you to use this program. It really works.”

· Hema P., Paragon Property Management

  “RecoverHoaDues.com has helped our law firm increase collections, and keep costs down for our HOA clients. They have provided an excellent and easy to use service that frees up our time and allows us to focus on other parts of our business.”

· Atlanta Law Firm

  "CPM began using RecoverHoaDues.com after several months of searching for an alternate to sending accounts to an attorney, in the early stages of delinquency. Their service has been especially helpful in Community Associations where small annual assessments take years of delinquency to become big enough for legal action. We’ve found the potential of being credit reported has prompted many homeowners to get current in their assessments. Also, RecoverHoaDues.com has given CPM an additional income stream, as we add a ‘monitoring’ fee to their service when we resell it to our Associations. It has been a great addition to our collection practice due to the ability to affect homeowners’ credit score!"

· Bob K., Community Property Management

  "I manage a 50-year old large-scale lake oriented community. The challenges collecting our dues were compounded by the fact that two-thirds of the members are non-resident property owners (some are absentee out-of-state owners). Foreclosure of an unimproved property is not an economical solution and the alternative to bill the member year after year knowing the account was not going to get paid was extremely frustrating.

In the past we worked with a couple of collection agencies with minimal success. The association attorney offered a modified collection program through his office but as nice as the offer was, it still was not financially feasible. Then our attorney referred us to RecoverHoaDues.com as a potential source to help with our collections. After reviewing their material and checking references we made the decision to engage their services.

We learned that RecoverHoaDues.com acts as a dunning agency, not a collection agency, and seemed to have an effective dunning campaign with the ability to report unsettled accounts to all three major credit reporting bureaus. They also maintain a file with due diligence suitable for legal follow-up should that be necessary. The delinquent members were directed to contact and send all payments directly to our Association.

In short the benefits that attracted us to RecoverHoaDues.com are:

• Fixed economical fee per account:
  • No complicated formulas.
  • No tack-on fee of 30-40% to the member or the Association.
• Ability to report unsettled accounts to all three major credit reporting bureaus.
• Members are directed to contact our Association to discuss settlement of their account.
• Members are directed to send their payment directly to our Association.
• Finally, it was a plan to keep members from getting so far behind that they can’t get caught up.

It’s been almost a year now that we have been working with RecoverHoaDues.com. We are pleased with the results and we continue to learn how to work with them more effectively. I consider our partnership with RecoverHoaDues.com to be successful in changing payment habits based on two key indicators:

• Delinquency reporting to the credit reporting agencies has motivated a number of people to settle their accounts; and
• We are seeing a sharp decrease in past due accounts.

In closing one last comment; once we started working with RecoverHoaDues.com we discovered the intangible benefit of working with helpful professionals who understand the HOA business and do what they say they are going to do. They are a pleasure to work with."

· Ed Varno, Association Manager, LSEA POA

"We have used Recover HOA Dues for that past three years now. They have completely changed our finances for the better. When we first started, we were several thousand dollars in the red, as we had to keep borrowing from our reserves account to pay bills. That completely changed once we sent our accounts to RecoverHoaDues.com. We went from several thousand dollars in the red, to $72,000 in the black in a short period of time (I'm talking a few months).

Since that time, we have used them as soon as our semi-annual dues are even 45 days late - and we have had a 94% success rate in collecting delinquent HOA dues, by following that formula and submitting accounts early.

We have also found that their system has never generated any complaints from our homeowners - not even one. I attribute that to the fact that Recover HOA Dues directs our members back to the Board or our management company to pay us directly.

Their process has gently brought delinquencies current, without offending anybody, and is very inexpensive to use. I highly recommend them to anyone who is having issues, and wants to collect their dues without upsetting their neighbors!"

· Shelton L., Versage HOA Treasurer, Director of HOA Board.org

"Our management firm has several associations using your service with great success. The power of credit reporting is most effective. I highly recommend your service to any association who wishes to have great success collecting delinquent dues."

· Gerri B., VP of Operations, Florida Property Management Firm

If you'd like a reference from any of the above testimonials, simply let us know, and we'll gladly put you in touch with them.